Bloomberg News and the New York Times report the second unnamed company in the federal indictment that was handed down the day before oilman Aubrey McClendon’s death in the crash of his SUV was SandRidge Energy Inc.
The business wire and newspaper also say Tom Ward, then chairman and chief executive officer of SandRidge at the time of the alleged conspiracy of bid-rigging carried out by McClendon when he ran Chesapeake Energy was also involved in the reported scheme. Bloomberg cited “people familiar with the matter” that Ward, a co-founder along with McClendon in the creation of Chesapeake Energy was part of the alleged effort to rig auctions for oil and natural gas leases in northern Oklahoma.
The scheme, as laid out by federal prosecutors reportedly involved Chesapeake and a Company B. Chesapeake is cooperating with the Justice Department investigation and reportedly received immunity under a DOJ leniency program. The immunity was confirmed by Gordon Pennoyer, a spokesman for Chesapeake.
As for Ward, he’s a long time oil and gas man who left Chesapeake and created SandRidge in 2006, then was fired as chief executive officer in June 2013. The firing came after investors raised questions over transactions he and his family members made with the company. After leaving SandRidge, ward then created Tapstone Energy LLC in Oklahoma City.
A year after Ward got the exit from SandRidge, the company confirmed it had received a subpoena from the Justice Department amidst a probe into possible antitrust violations involving the purchase or lease of land, oil or natural gas rights.
Read New York Times article on McClendon’s death and indictment.
New York Times
